BidaskClub upgraded shares of Macatawa Bank (NASDAQ:MCBC) from a strong sell rating to a sell rating in a research note published on Tuesday morning, BidAskClub reports.

Other research analysts have also recently issued research reports about the company. ValuEngine raised Macatawa Bank from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research cut Macatawa Bank from a hold rating to a strong sell rating in a research note on Friday, August 2nd.

Shares of MCBC stock opened at $10.69 on Tuesday. Macatawa Bank has a 1 year low of $8.81 and a 1 year high of $12.17. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s 50 day simple moving average is $10.12 and its two-hundred day simple moving average is $10.26. The company has a market cap of $364.83 million, a PE ratio of 13.71 and a beta of 0.50.

Macatawa Bank (NASDAQ:MCBC) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Macatawa Bank had a return on equity of 15.18% and a net margin of 31.79%. The business had revenue of $21.05 million for the quarter, compared to the consensus estimate of $20.50 million. Equities research analysts expect that Macatawa Bank will post 0.87 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.07 per share. The ex-dividend date was Monday, August 12th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.62%. Macatawa Bank’s dividend payout ratio is 35.90%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCBC. Dimensional Fund Advisors LP grew its stake in shares of Macatawa Bank by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,564,351 shares of the financial services provider’s stock valued at $15,049,000 after buying an additional 26,220 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Macatawa Bank by 617.5% during the first quarter. BNP Paribas Arbitrage SA now owns 5,446 shares of the financial services provider’s stock valued at $54,000 after buying an additional 4,687 shares during the last quarter. Spark Investment Management LLC bought a new position in shares of Macatawa Bank during the first quarter valued at approximately $134,000. Acadian Asset Management LLC grew its stake in shares of Macatawa Bank by 7.3% during the first quarter. Acadian Asset Management LLC now owns 174,472 shares of the financial services provider’s stock valued at $1,735,000 after buying an additional 11,883 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Macatawa Bank by 719.3% during the second quarter. Bank of Montreal Can now owns 2,425 shares of the financial services provider’s stock valued at $25,000 after buying an additional 2,129 shares during the last quarter. 31.97% of the stock is currently owned by hedge funds and other institutional investors.

About Macatawa Bank

Macatawa Bank Corporation operates as the bank holding company for Macatawa Bank that provides commercial and consumer banking and trust services. The company accepts various deposits, such as checking accounts, savings accounts, time deposits, regular and money market savings accounts, certificates of deposit, and demand deposits.

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